Crude oil prices fell on Wednesday amid optimism over a potential ceasefire agreement between the United States and Iran.

London Brent crude dropped by $4.89 per barrel, settling at $99.69, while US crude for May delivery fell by $3.66 to $88.69 per barrel.

The declines reflect renewed hopes that diplomatic efforts could ease tensions in the Middle East, which have previously disrupted global oil supply and pushed prices higher.